For pro athletes in solo sports like golf and tennis, “strength in numbers” is a foreign concept. Sure, A-list pros have “teams” of coaches, trainers, and career managers backing them up. In competition, though, they’re entirely on their own.
Some athletes thrive amid this apparent isolation. Others find it disorienting. Either way, every solo pro athlete without the benefit of independent wealth must address one critical practical issue before their careers can truly blossom: raising enough money to reach the highest levels of competition.
Fortunately, options abound. Let’s take a closer look at five non-traditional fundraising and compensation options for aspiring pro athletes in non-team sports.
- Crowdfunding
The Internet abounds with advice about running a successful crowdfunding campaign. You don’t need more of that here.
What you might need, however, is confirmation that aspiring athletes do indeed fund their activities using reputable platforms like GoFundMe and Kickstarter. Don’t assume that your athletic dreams are any less compelling than, say, an unexpected job loss or medical procedure. Your extended network can be convinced to support your aspirations — if you make a compelling enough case, that is.
- “Personal IPO”
Why crowdfund when you can sell shares in your own personal fortunes? You’ll want to speak with an experienced financial advisor before going down this road, but it might be the best option for raising the kind of serious money you’ll need to see your way through to the professional circuit. According to Columbia University football alum Ryan Nivakoff, who’s advised athlete clients on this strategy in the past, a “personal IPO” makes sense for younger players who see substantial upside in the next five to ten years.
- Grants or Loans from Family and Friends
Even if you don’t have great reserves of personal wealth to tap, your extended friends-and-family network does — on a cumulative basis, at least. Don’t be shy about reaching out to anyone you’re comfortable enough asking for financial help. Just make it clear that you’re good for the full balance (with interest) and mind best practices around asking acquaintances for money.
- Athletic Scholarships
If you’re still in high school, you’ll want to devote substantial effort to applying for athletic scholarships. Remember that universities aren’t the only sources of scholarship funding — private foundations, sports booster organizations, and other nonprofit groups all enthusiastically support student athletes with need- and merit-based grants.
- Branded Swag
Before you hit the big time, your branded swag probably won’t sell as well as Roger Federer’s or Tiger Woods’s. But that shouldn’t stop you from dressing for success — and encouraging your fans to do the same. Every sale helps, and your boosters will be more inclined to buy when you make it clear that the proceeds will fund your athletic activities, not your forthcoming spring break trip.
What’s Your Angle?
Don’t feel constrained by these five non-traditional fundraising and compensation options for aspiring solo athletes. You and your manager can surely come up with additional creative solutions to the dollars-and-cents problems faced by most rising pros. As long as your fundraising efforts are legal, and you pay all applicable taxes on whatever windfalls you receive, the limits of your imagination are the only constraint on your cash flow.
